Juventus had wiped out a three-goal deficit from the first leg and the tie appeared destined for extra time until Medhi Benatia brought down Lucas Vazquez, who just had Buffon to beat near the six-yard box.
Buffon was shown a straight red card for remonstrating with Oliver after the decision was made, leaving Cristiano Ronaldo to spank the ensuing spot-kick past his replacement, Wojciech Szczesny, and send Los Blancos through.
Meanwhile, NAIJ.com did a report on Buffon's comments on Oliver where the shot stopper referred the England referee as an animal and "having a rubbish bin the heart should be".
UEFA has announced that the veteran Italian has been charged with breaching its "general principles of conduct" after his outburst against English referee Michael Oliver.
As the season will be over by then at club level and Buffon is expected to hang up his gloves, a Champions League ban would make no real difference in this case.
He added: "Clearly you can not have a heart in your chest, but a bag of rubbish".
Despite not being directly involved in the foul on Lucas Vazquez, the former Italy global was dismissed by the 33-year-old Premier League official for his abusive reaction; which saw the shot-stopper furiously yelling and grabbing the referee in protest. You can not ruin the dreams of a team'.
The European governing body said the case will be dealt with on May, 31, at which point Buffon would have played his last professional game.